10 Ways Outsourced Accountants Can Make Managing Taxes Easier and Less Stressful
Tax season can be overwhelming and confusing for business owners, whether they're just starting out or have been established for years. Fortunately, engaging the services of an outsourced accountant can help make managing taxes easier and less stressful. As experts in financial management and accounting, outsourced accountants provide significant expertise that can be leveraged to ensure businesses are operating efficiently come tax time. To give you a better idea of how you could benefit most from outsourcing your accounting needs during this crucial time of year, here are 10 ways an experienced professional can make tax season simpler for you.
1. Reviewing financial statements and preparing clean reports for the tax team
With an outsourced accountant on your team, you can have confidence knowing that all of your financial records will be organized and accurate come tax season. They'll manage bookkeeping responsibilities throughout the year, so there won't be any surprises or last-minute scrambling when it's time to file taxes.
2. Making sure financial documents are sent timely
Your accountant can help keep your financial records orderly and up-to-date, guaranteeing that all the needed paperwork is accessible when needed by the tax team or when audited by the IRS.
3. Separately coding items that are tax vs. non-tax deductible
Another way that an outsourced accountant can help is by separately coding items that are tax vs. non-tax deductible. By doing so, they can help you identify which expenses can be claimed as deductions on your tax return, ultimately saving you money in taxes and helping you anticipate unexpected tax liabilities.
4. Highlighting items that need additional review by the tax team
An outsourced accountant can also conduct a comprehensive analysis of your financial data and highlight items that need additional review by the tax team. This can help you identify potential issues before they become bigger problems, saving you time and money in the long run.
5. Being the front line with the tax team: answering questions and providing missing documents if they have access to the data
An outsourced accountant can be the front line with the tax team, answering questions and providing missing documents if they have access to the data. This can be especially helpful for busy business owners who don't have time to manage their own tax returns.
6. Preparing and filing sales tax returns in a timely and accurate manner
In addition to the above, an outsourced accountant can also prepare and file sales tax returns in a timely and accurate manner. This can help ensure that you comply with all relevant local, state, and out-of-state tax laws and regulations, avoiding any penalties or fines.
7. Preparing and filing 1099s
With the help of a professional accountant, you can make sure that your 1099s are properly prepared and filed. This allows for smooth compliance with applicable tax laws, meaning no unforeseen fines or penalties!
8. Preparing and filing payroll tax returns on behalf of the business owner
An outsourced accountant can also review and ensure payroll tax returns, W2s, W3s, and other tax forms are timely filed on behalf of the business owner. This can be especially helpful for small business owners who may not have the expertise or time to manage their own payroll tax items.
9. Providing recommendations on how to improve bookkeeping practices to streamline tax preparation
Not only can an outsourced accountant offer advice on how to enhance bookkeeping practices for simpler tax preparation, but also you can save both time and money through the implementation of these improved procedures. By streamlining your bookkeeping processes, you'll not only enjoy more effective tax planning but reap rewards throughout the year!
10. Attending tax meetings with the client to ensure all tax strategies are implemented
Finally, an outsourced accountant can attend tax meetings with the client to ensure that all tax strategies that necessitate accounting knowledge or software are correctly and timely implemented. By doing so, they can project manage your tax strategies and ensure that you are taking advantage of all available tax deductions and credits.
In conclusion, tax season can be a stressful time for business owners. However, with the help of an outsourced accountant, you can ensure that your finances are organized, accurate, and compliant with all relevant tax laws and regulations. Whether you need help with financial statements, sales tax returns, or payroll taxes, an outsourced accountant can provide valuable assistance to make your tax season smoother. So why not consider outsourcing your accounting needs to make tax season stress-free?
